Just a little over two years after securing nearly £4 million through its first equity crowdfunding campaign on Crowdcube, digital banking solution gohenry announced on Tuesday it is planning to launch a new Crowdcube initiative.
As previously reported, gohenry was founded in 2012 by a group of parents that wished to help the next generation manage their money better. The gohenry financial tool is described as a card and app for a digital generation of kids and teens, helping parents teach their children (ages 6 – 18) how to earn, save, spend and learn about money. Parents decide where the card can be used, can agree limits with kids, allocate pocket money and allowances automatically or related to particular tasks, while children decide where, when and how much to spend or save.
“For £2.99 a month, gohenry provides a safe environment where children and teenagers can learn about earning, saving and spending responsibly by having the freedom to do it themselves, but with parental oversight, guidance and the safety of set spending limits.”
gohenry reported that so far it has attracted over half a million active members, with over 200,000 parent accounts paired with more than 300,000 children’s accounts. The company also claimed it has a strong track record of sales growth, as recognized on Monday with the eighth position in the Sunday Times Hiscox Tech Track 100. This growth in sales has generated strong financial momentum, with revenues leaping from £2.8 million in 2016 to £6.1 million in 2017, and £8.1 million is expected in 2018.
Existing shareholders will be able to take part in the funding round, which will seek to raise £2 million on September 29th. The campaign will be open to the public on October 1st. Speaking about the upcoming round, Luke Lang, Co-founder of Crowdcube, added:
“gohenry is already a recognised Great British tech star. We couldn’t be happier than we are to be facilitating this fundraising, the latest from a rising fintech leader, which will give them the funds they need to turbo-charge their US growth. It’s always a pleasure to work with companies we’ve helped raise funds before, and the initial phase of funding from existing shareholders is a great example of how we can help develop the sense of community many disruptive businesses like gohenry prize.”
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